CAJ | 학술논문

利用长期跟踪河南中小企业过程中获得的企业微观数据，通过多元线性回归模型，研究中小企业贷款获得量的决定因素以及各种因素的影响程度。实证结果显示，金融机构对流动性差的中小企业借款意愿不强；企业净资产与贷款获得量负相关；企业的现金流量、抵押品价值以及企业家的外部净财富与贷款获得量之间具有很强的正相关性；管理者经验和企业（家）信誉与贷款获得量弱相关且不显著，反映出金融机构更多地关注借款者财务上的“硬信息”，而对于相关企业的“软信息”收集或关注不够；企业所有制性质与贷款获得量弱相关并在统计上不显著。实证分析的结果揭示了较明确的政策含义。
이용장기근종하남중소기업과정중획득적기업미관수거，통과다원선성회귀모형，연구중소기업대관획득량적결정인소이급각충인소적영향정도。실증결과현시，금융궤구대류동성차적중소기업차관의원불강；기업정자산여대관획득량부상관；기업적현금류량、저압품개치이급기업가적외부정재부여대관획득량지간구유흔강적정상관성；관리자경험화기업（가）신예여대관획득량약상관차불현저，반영출금융궤구경다지관주차관자재무상적“경신식”，이대우상관기업적“연신식”수집혹관주불구；기업소유제성질여대관획득량약상관병재통계상불현저。실증분석적결과게시료교명학적정책함의。
By using the enterprises micro data from the process of long-term following up the Henan’s SMEs and multiple linear regression model, the author made a research on the determinants and influ-ence degrees of each factors. The result showed that, the financial institutions did not want to give the loans to the illiquid SMEs. The net worth of enterprises had the negative correlation with the amount of financial. The cash flow, collateral value and external net worth of enterprises had the positive correla-tion very much with the amount of financial. The experience of managers and the reputation of enter-prises had little correlation with the amount of financial in a very quiet way. Those conclusions reflected that the financial institutions paid more attention on the financial hard information of borrowers, and ig-nored the related soft information of those enterprises. There is little correlation with the enterprises’ ownership and the amount of financial. The result of empirical analysis revealed the clear policy impli-cations.